The group's promoters -- Nitin Sandesara and Chetan Sandesara -- have been accused of Rs 5,000-crore bank fraud. The duo have reportedly been hiding in Nigeria even as ED had already attached and sealed their properties.

The NCLT had sent notices to the Ministry of Corporate Affairs, Income Tax office, Enforcement Directorate (ED), SEBI, CBI and RBI for their representations before passing an order.